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Haaki Shop Inc. is a large retailer of surfboards. The company assembled the information shown below for the quarter ended May Total sales revenue Selling price per surfboard Variable selling expense per surfboard Variable administrative expense per surfboard Total fixed selling expense Total fixed administrative expense Merchandise inventory, beginning balance Merchandise inventory, ending balance Merchandise purchases Amount $ 800,000 400 $ 50 $ 20 $ 150,000 $ 120,000 $ 80,000 $ 100,000 $ 320,000 Required: 1. Prepare a traditional income statement for the quarter ended May 31